News : Auditing

ATO, Auditing, Compliance, SMSF

Clean audit file key in case of review

SMSF auditors audit file ATO review

In anticipation of a potential ATO review, SMSF auditors have been advised to maintain essential documents and ensure their audit files are free from irrelevant information.

read more
Auditing, NALI/NALE, Property, SMSF

ACR key to property project probes

ACR NALI SMSF property development

It is expected the ATO will use a multipronged approach to examine SMSF investments in property development schemes for non-arm’s-length income breaches.

read more
Administration, Auditing, Investments, SMSF

SMSFs remain cost-effective

Class report SMSF costs

The cost-effectiveness of SMSFs has continued to be drawn out, with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

read more
ATO, Auditing

ATO and auditors not aligned

ATO SMSF auditors practice

The practices of some SMSF practitioners do not seem to be aligning with the ATO’s expectation of how the annual audit should be performed.

read more
Administration, Auditing, SMSF

Resolution key for sign-offs

Preparing financial statements

A resolution requiring the approval of all members of an SMSF in preparing financial statements may negate the risk of a dispute and ensure compliance within the fund.

read more
ASIC, ATO, Auditing, Compliance

ATO refers record number of auditors to ASIC

ATO SMSF auditor ASIC

The number of referrals of auditors to ASIC by the ATO has climbed to its highest level in five years due to concerns about independence and evidence gathering.

read more
ATO, Auditing, Compliance, SMSF

Auditors warned about charges over assets

SMSF auditors charge over asset

SMSF auditors have been reminded of their duty to ensure trustees have not given a charge over assets held within a fund.

read more
ATO, Auditing, Compliance, Property, SMSF

Property scheme scrutiny widens

SMSF property development scheme

The ATO has altered a key definition in its latest taxpayer alert regarding SMSFs and property development schemes.

read more
Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

cryptocurrency wallet SMSF audit

SMSF members holding cryptocurrency in offline wallets may find themselves unable to prove either the ownership or existence of the asset to a level that satisfies an auditor.

read more
Auditing, Compliance, Documentation

ATO issues early audit reminder

SMSF auditor reminder

The ATO has reminded SMSFs of the need to appoint an auditor in the lead-up to lodging annual returns, noting practitioners may be busy during these peak periods.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.